UTStarcom CEO Lu gets Wells Notice

GabrielMadway

SAN FRANCISCO (MarketWatch) -- UTStarcom Inc.
UTSI, -2.39%
said late Friday President and Chief Executive Hong Lu has received a Wells Notice from the staff of the Securities and Exchange Commission in connection with an ongoing investigation into "trading activities by third parties." The notice states that the staff intends to recommend to the full commission that it file a civil injunctive action alleging that Lu violated Section 10(b) of the Securities Exchange Act. The Alameda, Calif.-based networking company also said it is moving forward with its review of strategic alternatives. UTStarcom has asked Lu to continue as president and CEO until the process is complete.

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